Core Insights - The 2026 New Year's holiday tourism market shows a resilient recovery with both volume and price increasing, indicating a positive trend in consumer behavior and spending [3][13] Market Overview - During the 2026 New Year's holiday, 142 million domestic trips were made, a 5.19% increase from 2024, with total spending reaching 84.789 billion yuan, up 6.35% year-on-year [3] - The average spending per person was 597.11 yuan, reflecting a 1.1% increase, and daily visitor numbers increased by 15% compared to 2019 [3] - The total inter-regional mobility reached 595 million people, with a daily average of 198 million, marking a 19.62% increase from 2025 [3] Key Performance Areas Duty-Free Shopping in Hainan - Hainan's duty-free shopping saw significant growth, with 442,000 items sold and 83,500 shoppers, representing a 27.1% increase in visitors and a 49.9% increase in spending to 712 million yuan [5] - The average daily shopping amount reached 237 million yuan, the highest since 2020 [5][6] Ice and Snow Tourism - Northeast China's ice and snow tourism experienced a surge, with Changbai Mountain seeing over 40% growth in visitors compared to 2025, and Harbin's inbound tourism increasing by 77.9% [7] - The average stay for ice and snow tourists extended to 2.8 days, with per capita spending rising by 22.6% to 1,283 yuan [7] Mountain and Temple Tourism - Mountain tourism thrived, with Huangshan receiving over 75,000 visitors, a 76.5% increase from 2024, and Emei Mountain seeing a 20.88% rise [8] - Cultural experiences significantly enhanced visitor retention, with a 52.3% revisit rate for culturally enriched sites, surpassing the average of 21.7% for regular sites [8] Consumer Behavior Analysis Demographic Trends - The Z generation (post-2000) dominated the market, accounting for 45.7% of travelers, an increase of 8.2 percentage points [9] - Family travelers made up 26.3%, while seniors remained stable at 11.8% [9] Motivations and Preferences - Experience-driven consumption motives accounted for 65.3%, up 12.7 percentage points from 2024, indicating a shift from material to experiential values [9] - Unique experiences, such as concerts, significantly boosted travel orders, with some events seeing increases of up to 2544% [9] Travel Patterns - The market exhibited a dual trend of "micro-vacations" and "long-distance travel," with short-term stays in urban areas increasing significantly [10] Industry Insights and Future Trends Structural Optimization - The tourism industry is transitioning from a "ticket economy" to an "experience economy," reflecting significant structural improvements [12] Regional Collaboration - New transportation networks, such as the Shen-Bei high-speed rail, are reshaping tourism dynamics, creating collaborative tourism communities [12] Acceleration of Internationalization - The growth in inbound tourism, particularly from RCEP countries, indicates a rapid recovery, with inbound visitors reaching 86.3% of 2019 levels [12] Conclusion - The 2026 New Year's holiday tourism market is characterized by simultaneous growth in volume and price, structural optimization, and an upgrade in consumer experiences, marking a new phase of high-quality development in China's tourism sector [13]

Core Viewpoint - The company has established a clear development goal to transform towards the tourism industry and will focus more on tourism industry investments [1] Group 1: Company Strategy - The company will prioritize the concentration of tourism resources from its controlling shareholder to the listed company, provided they meet relevant conditions [1] - Any mergers and acquisitions will be formally announced through the company's legal information disclosure channels [1]

Group 1: Company Performance - In the first half of 2025, the company achieved a total revenue of 2.86 billion yuan from tourism-related businesses, representing a year-on-year growth of 20.20% [3] - The company’s cruise products received a total of 125.25 thousand visitors, marking a 10.96% increase compared to the same period in 2024, setting a new record for visitor numbers [3] Group 2: Corporate Governance - The company held its first extraordinary general meeting on September 10, 2025, where it approved amendments to the Articles of Association, including the dissolution of the supervisory board and the establishment of employee representative directors [3] - After resigning as director and vice chairman, Hu Junhong will continue to serve as the company’s secretary of the board, focusing on strategic investment, capital operations, and corporate governance [3] Group 3: Future Plans - The company plans to launch two provincial cruise ships by June and December 2026, with a second batch of two ships expected to be completed by June 2028 [3] - The pricing for the popular Yichang-Chongqing route will be set at 2,800-3,000 yuan per person, with adjustments based on market competition and similar product pricing [3] Group 4: Share Buyback - Over the past three years, the company has completed two share buyback programs: the first from November 18, 2022, to November 10, 2023, involving 18.92 million shares, and the second from February 7, 2024, to April 30, 2024, involving 10.25 million shares [6] - The purpose of the first buyback was for employee stock ownership plans, while the second aimed to maintain company value and shareholder rights [6] Group 5: Sales Performance - As of September 21, 2025, the pre-sale situation for the "Two Dams and One Gorge" cruise products is strong, with tickets sold out for the period from October 2 to October 7, 2025 [5]

Summary of the Conference Call Industry Overview - The conference call focused on the tourism industry in China, particularly during the 2025 May Day holiday period, which saw significant growth in domestic travel and spending. Key Points and Arguments Tourism Growth Metrics - Domestic travel reached 314 million trips during the May Day holiday, a year-on-year increase of 6.4% [1] - Total spending by domestic tourists was approximately 180.27 billion yuan, reflecting an 8% increase year-on-year [1] - Cross-regional movement of people reached 1.467 billion during the holiday, with a daily average of 293 million, marking a growth of 8% compared to the previous year [3] - Railway passenger numbers hit a historical high, with 23.12 million passengers on May 1 alone, surpassing previous daily records [4] - Outbound tourism orders increased by 20% year-on-year, while inbound tourism orders surged by 173% [5][19] Emerging Trends in Tourism - The rise of "county tourism" has become a significant trend, with bookings in rural areas increasing by over 80% [9] - New tourism models such as "reverse tourism" and "micro-vacations" are gaining popularity [1] - The concept of "ticket economy" is emerging, connecting various consumption activities like shopping, dining, and travel [7] Changes in Consumer Behavior - There is a noticeable shift towards personalized and high-quality travel experiences, with increasing demand for customized travel packages [11] - Consumers are increasingly opting for online purchases of travel-related products, reflecting a change in shopping habits [12] - The popularity of cultural and creative products is on the rise, with a market size reaching 18 billion yuan in 2023 [16] Impact of Technology on Tourism - The integration of technology in tourism is expected to reach a market size of 1.4555 trillion yuan by 2025, indicating significant growth potential [27] - Technologies such as AI, VR, and AR are being utilized to enhance the travel experience and optimize service delivery [28][30] Economic Implications - The tourism sector is seen as a key driver of economic growth, with related industries such as retail and hospitality experiencing revenue increases of 20% to 35% during the holiday [37] - The growth in tourism is also contributing to job creation and boosting consumer confidence in the economy [38] Future Outlook - The tourism industry is expected to continue evolving towards diversification, quality enhancement, and digitalization [40] - There is a call for the reinstatement of the May Day Golden Week to further stimulate tourism and economic activity [43] Other Important Insights - The conference highlighted the importance of international tourism, with inbound tourist spending increasing by 180% [22] - The discussion emphasized the need for policy adjustments to enhance the attractiveness of China's tourism offerings and improve service quality for foreign visitors [24] This summary encapsulates the key insights and trends discussed during the conference call, reflecting the dynamic nature of the tourism industry in China and its broader economic implications.